Pact with India in not-so-distant future: US Commerce Secy praises nations economic system – OXBIG NEWS NETWORK-OxBig News Network

In indicators of early conclusion of the primary tranche of ongoing bilateral commerce negotiations, US Commerce Secretary Howard Lutnick on Monday stated the Indo-US deal may very well be anticipated in a “not too distant future”.

Addressing the eighth version of the annual US-India Strategic Partnership Forum (USISPF) Leadership Summit in Washington, Lutnick stated, “You should expect a deal between the US and India in the not-too-distant future because I think we found a place that really works for both countries.”

“I would say very optimistic,” he said when asked about the trade deal outlook as the two countries make progress towards finalising an agreement ahead of the July 9 deadline when President Donald Trump’s reciprocal tariffs will again kick in after a 90-day pause.

In a video which Lutnick later posted on X, he is heard saying, “We have a great relationship between the countries. I am optimistic for a trade deal soon that will benefit both nations.”

Lutnick’s remarks come on the eve of a US delegation’s go to to India on June 5 and 6 for commerce negotiations. This after Commerce Minister Piyush Goyal held talks with senior officers of the Trump administration throughout his latest four-day go to to the US from May 17 to 22.

India’s principal negotiator for the commerce cope with the US, Rajesh Agarwal, had additionally final week stated that negotiations had been going nicely and good outcomes may very well be anticipated quickly.

However, he additionally stated that India did sure issues, like shopping for army gear from Russia and aligning with BRICS which seeks to scale back greenback dependence, that “rubbed the US the wrong way”.

The US Commerce Secretary stated President Trump was now keen to “call out things and say them as they are”. “Now, the President is keen to name out issues right away, that means India may be very protectionist with tariffs. They have a 100 per cent tariff on this and a 100 per cent tariff on that. And should you ask them why, the reply is, ‘I don’t know why. It just is’…. The idea of really looking at those things, thinking about them and bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table and it’s not stressful and the sides are now working to make this a proper trading relationship,” he said in his address.

To stem the trade deficit with India, Lutnick said the US was seeking reduction in tariffs on agricultural products and also enhanced purchase of defence equipment. He said countries engaging the US for early trade negotiations would get better deals.

“India is trying hard to be one of the earlier countries, which I appreciate,” he said.

Lutnick also described India as an extraordinary economy, saying, “The core population of India has the drive and ambition and that’s why the Indian economy will always continue to grow and thrive because it has that from the underpinning and so you can do things in India that in many other countries, you just can’t get done.” He said President Trump thinks “America first”, but not “America only” or “America exclusively”.

“First, he’s got to take care of home, so we’re big and strong, but then he’s going to take care of his allies. He’s going to make sure he takes care of India, who he deeply, deeply admires and respects and we are going to have a great, great relationship together,” Lutnick said.

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“I feel the strange path of immigration for America is altering. The ‘Trump card’ is popping out. I count on the ‘Trump card’ will create actually an infinite alternative for folks to have the flexibility to come back to America” Howard Lutnick, US Commerce Secretary